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Gemini Files Lawsuit Against Genesis Global for Control of GBTC Shares: A Legal Battle in the Cryptocurrency Industry

In a legal battle that highlights the complexities and risks of the cryptocurrency industry, Gemini has filed a lawsuit against its former business partner, Genesis Global. The lawsuit seeks to gain control of 60 million shares of the Grayscale Bitcoin Trust (GBTC) that were pledged as collateral. The aim of the lawsuit is to secure the claims of Gemini Earn customers who had their funds locked up when Genesis froze withdrawals. This development comes shortly after the New York Attorney General, Letitia James, filed a separate lawsuit against Gemini, Genesis, and Digital Currency Group (DCG) for allegedly defrauding investors. The legal actions taken by both parties shed light on the challenges faced by investors in the cryptocurrency space and the need for regulatory oversight.
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